S&P Downgrades Hannover Re Unit
NU Online News Service, April 8, 4:13 p.m. EDT?Standard & Poor's Ratings Services announced the lowering of counterparty credit and financial strength rating on the Insurance Corp. of Hannover (ICH), a unit of Hannover Re, to "triple-B-plus' from "A." with a "stable" outlook.
The main reason for the downgrade, S&P said, is ICH's weak operating performance, which the rating agency does not expect to improve significantly this year.
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